Brook Green Lettings View - April 1, 2008

Smaller properties, studio flats and one bedroom flats, in hot spot areas such as Brook Green, West Kensington and Brackenbury Village are flying out the door. Typical is a studio flat on Addison Gardens, W14 let at asking price within 24 hours of coming on to the market. One bed flats in West Kensington on Gwendwr Road and in Kensington Hall Mansions - both snapped up at asking. /

Family houses are lingering on the market for slightly longer than we're used to and would be tenants have more choice. Many current tenants are renewing their tenancy agreements and staying put so fewer "re-lets" are coming on to the market, but I'm seeing significantly more property that's never been let before, especially from newbie landlords who are "letting to buy". I´m being realistic on valuations for these properties. There´s no sense in them sitting empty simply to make the list look good.

Enquiries for one and two bedroom flats to rent in Brook Green have increased significantly since Easter. The majority of applicants being city workers or otherwise working locally in the larger companies that are HQ´d in Hammersmith and environs (Betfair, Disney, Loreal, etc). It's too soon to call but the cooling sales market seems to be feeding in more properties to the rental market. I´m seeing a lot more property for valuation, although not all of them are finely finished and I´m spending a lot more time talking to new landlords about getting their property, and themselves, prepared to let - tenants confirm this. They´re saying they have a lot more choice - yet super smart apartments and houses are snapped up in double quick time.

More former owner occupiers are registering with us to rent, having sold their own homes. Many having just exchanged are now looking to rent for at least 6 months as opposed to buying, so I think we will see plenty of 1 year agreements with 6 month breaks - as they wish to keep their options open over when to return to the sales market.

- Richard Coffey, Branch Manager, Brook Green Lettings